I heard that the crypto will be insured first through FDIC so that people who don't have crypto will be screwed more than everyone else. I'm not sure if it is a scam, and I couldn't make it through the dull, statuatory language of the bill so late at night when I was too sleepy to look at it. Does anyone know what's up?

Among other things, the bill allows bank subsidiaries and big tech companies to issue their own stablecoins

Did they change this? I thought that this bill was going to specifically exclude tech companies and be just for banks.

The result is that stablecoin issuers may end up acting somewhat like banks, investing what stablecoin users think of as deposits in various ways. Problems may arise in the event of a crisis: stablecoin users could attempt to redeem their coins for dollars en masse, causing a run. That could then spark a mass withdrawal of the backing assets, rapidly depressing the treasury market or destabilizing banks that hold the cash that backs various coins.

This seems like a strange criticism since the main thing the bill does is prohibit creative investment of dollar deposits backing a stablecoin:

The bill would require stablecoins to be fully backed by liquid assets like US dollars or Treasury bills and mandate monthly public disclosures of those reserves.